‘We have developed an industry-changing partial error correction technique for error reduction that could bring production applications for quantum even sooner.’ - Peter Chapman, CEO
— Peter Chapman
03Detailed Report
IONQ
IonQ Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
IonQ Inc. reported impressive financial results for Q2 2024, achieving total revenues of $11.4 million, exceeding previous expectations. This reflects a year-over-year revenue growth of 106.36% and a quarter-over-quarter increase of 50.11%, primarily driven by strong demand in quantum computing systems and contracts. Management highlighted significant advancements in their qubit technology and successful bid wins, including a $5.7 million contract from ARLIS for blind quantum computing systems. Despite a net loss of $37.6 million, which is an improvement compared to $43.7 million in the previous year, IonQ’s strategic investments in research and development continue to position it favorably in the rapidly evolving technology landscape.
Key Performance Indicators
Revenue
Increasing
11.38M
QoQ: 50.11% | YoY: 106.36%
Gross Profit
Decreasing
1.45M
12.80% margin
QoQ: -65.14% | YoY: -59.80%
Operating Income
Decreasing
-48.94M
QoQ: 7.44% | YoY: -47.91%
Net Income
Increasing
-37.56M
QoQ: 5.13% | YoY: 14.08%
EPS
Increasing
-0.18
QoQ: 5.26% | YoY: 18.18%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: IonQ's revenue of $11.4 million for Q2 2024 represents a substantial increase of 106.36% YoY, and a 50.11% QoQ growth. This growth is attributed to strategic advancements and effective revenue recognition methods on multiphase contracts.
Profitability: The company's net income for the quarter was -$37.6 million, a decrease of 14.08% YoY, showcasing an improvement in operational efficiency and cost management despite ongoing losses.
Cash Flow and Balance Sheet: IonQ reported total cash, cash equivalents, and short-term investments of $402 million as of June 30, 2024. This robust cash position is a critical strength, granting the company the flexibility to navigate operational challenges and invest in future growth.
Operating Expenses: Total operating costs increased to $60.3 million, up 56% YoY, reflecting continued R&D investments ($31.2 million) and enhanced marketing initiatives ($6.1 million).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
11.38M
106.36%
50.11%
Gross Profit
1.45M
-59.80%
-65.14%
Operating Income
-48.94M
-47.91%
7.44%
Net Income
-37.56M
14.08%
5.13%
EPS
-0.18
18.18%
5.26%
Key Financial Ratios
Gross Profit Margin
Weak
12.80%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-4.30%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-3.30%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.07%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.08%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
13.15
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-9.64x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
3.12x
Trading at premium to book value, reflects strong intangibles or growth
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